Nifty 50 Trading Strategy: Analysts recommend Bull Call Spread options strategy for 23 June expiry

The Indian stock market traded higher on Tuesday, following a rally in global markets, as risk-sentiment improved after the announcement of the US-Iran peace deal and the fall in crude oil prices.

Gains in realty, IT, FMCG, and energy sectors were countered by selling in metals, pharma and PSU banking stocks.

The Sensex was up 329.50 points, or 0.43%, at 76,593.83, while the Nifty 50 was trading 73.15 points, or 0.31%, higher at 23,927.05. The Bank Nifty index fell 87.35 points, or 0.15%, to 57,115.70.

Tata Consumer Products, HCL Technologies, Reliance Industries, Bajaj Finance and Hindustan Unilever were the top Nifty 50 gainers, while Hindalco Industries, Tata Motors Passenger Vehicles, JSW Steel, Tata Steel and HDFC Life Insurance Company were the top losers on the index.

In the previous session, the Indian stock market ended sharply higher, with the Sensex surging 736.38 points, or 0.97%, to close at 76,264.33, while the Nifty 50 settling 231.00 points, or 0.98%, higher at 23,853.90.

Nifty Open Interest Distribution

In the options segment, the highest Nifty Open Interest (OI) on the Call side is at the 24,000 strike, followed by 23,900 which could act as resistance levels. On the Put side, the highest OI is at 23,500 followed by 23,800 which may serve as support levels, Axis Securities said.

The premium for the At-the-Money option is ₹396, indicating a likely trading range for the week between 23,300 and 24,500, it added.

Nifty Options Strategy for 23 June 2026 Expiry

Recommended Strategy: Bull Call Spread

Axis Securities has recommended a Bull Call Spread strategy for Nifty options contracts expiring on 23 June 2026, expecting a moderately bullish view.

A bull call spread strategy involves buying a call option with a strike price slightly lower than current market price of the underlying asset, which is Nifty 50, and simultaneously selling another call option with a higher strike price (out-of-the-money), both with the same expiration date. This strategy is applied when the outlook is moderately bullish.

Strategy Details

Buy 1 lot of Nifty 24,000 Call at ₹135 – ₹155

Sell 1 lot of Nifty 24,300 Call at ₹57 – ₹68

Break Even Point: 24,083

The strategy involves buying one lot of the 24,000 strike Call Option and simultaneously selling one lot of the 24,300 strike Call Option.

Risk-Reward Analysis

According to Axis Securities, the maximum potential risk for this Nifty options trading strategy is ₹5,395, whereas the potential maximum reward is ₹14,105.

Traders may consider deploying this spread strategy to achieve moderate returns while maintaining controlled risk and reward, said the brokerage firm. It suggested to enter and exit all the legs in strategy together and square-off the strategy before the expiry session closes.

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